Sharad Kumar pleads it is a genuine loan transaction

Sharad Kumar, an accused in the 2G spectrum case, on Saturday moved the Delhi High Court challenging the November 3 Special CBI Court order dismissing his bail application.

“I am only a director and not the CEO or managing director of Kalaignar TV,” Mr. Kumar said in his appeal filed by advocates V.G. Pragasam and S.J. Aristotle. He said he was only a minority 20 per cent shareholder and had acted according to law in the conduct of the affairs of the company on the basis of resolutions passed by the board of directors from time to time and after taking due advice from the chief financial officer and company auditor.

Mr. Kumar said the transfer of Rs.200 crore in instalments was a genuine loan transaction between Cineyug Films and Kalaignar TV and was borne out by documents. The transfers were done through bank and there was no attempt to conceal anything. Even according to the prosecution case, the entire loan was repaid with interest after deducting due TDS. As documents on these transactions had already been collected during investigation, there was absolutely no scope for oral or documentary evidence being tampered with.

Mr. Kumar said he was not a beneficiary of the loan transaction. The allegation of his strong association with the co-accused and former Telecom Minister, A. Raja, was mischievous and misleading. There was absolutely no evidence of his involvement in conspiracy, he said.

Mr. Kumar said he was innocent and was sought to be falsely implicated in the case due to biased media reporting and on the basis of conjectures.